R-097-15 Resolution to Amend the Fiscal Year 2015-2016 Budget to Increase Revenues and Expenditures Regarding the Sale of City Property Pursuant to that Certain Disposition and Dvelopment Agreement

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 appraiser and a valuation analysis of the City Parcel conducted by the City's qualified economic development consultant, the combined fair market value for both the City and County Parcels was valued for $485,617, (the "Purchase Price"); and WHEREAS, City and County have negotiated a P&SA for the City to acquire the County Parcel in the amount of $287,160; and WHEREAS, City and Developer have negotiated a DDA for Developer to acquire the City Parcel from the City, in the amount of $198,457; and WHEREAS, a budget appropriation/expenditure for the sale and purchase of the County and City Parcels, pursuant to the terms of the P&SA and DDA, not listed in the 2015-16 Fiscal Year budget, is required and must be approved by resolution of the City Council. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON RESOLVES AS FOLLOWS: SECTION I. INCORPORATION OF RECITALS. The recitals set forth above are true and correct and are hereby incorporated into this Resolution. SECTION II. INCREASE IN CITY REVENUES. The City Council authorizes this amendment, and adjustment to the Fiscal Year 2015-16 budget, increasing revenues in the amount of $485,617 from the sale of the City and County Parcels to Account Number 100-7804-000. SECTION III. APPROPRIATION OF EXPENDITURES. The City Council authorizes this amendment, and adjustment to the Fiscal Year 2015-2016 budget, for an appropriation of $287,160 plus estimated escrow closing costs of $7,500 as follows: • Increase Economic Development Division's Professional Services Expenditure Account Number 100-6300-9050-2350 in the amount of $294,660 for associated expenses related to that certain P&SA and DDA for 23152.06001\9383102.2 -2-